Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept U.S. President Donald Trump’s tariffs in place.
Brent crude futures slipped 31 cents, or 0.48%, to $63.84 a barrel by 0424 GMT. U.S. West Texas Intermediate crude fell 31 cents, or 0.51%, to $60.63 a barrel.
The Brent July futures contract is due to expire on Friday. Both contracts have fallen 1.5% so far this week.
The downward trajectory largely stemmed from the prospect of rising supplies as investors priced in another hike by the Organisation of the Petroleum Exporting Countries and its allies, a group known as OPEC+, when eight of its members meet on Saturday.
“The stage is set for another bumper production increase,” Westpac’s head of commodity and carbon research Robert Rennie said in a note, potentially higher than the 411,000 barrels per day hike decided on at the previous two meetings.
